# Gold retreats as Fed's Powell strikes hawkish tone

> Spot gold fell 0.7% to about $1,773 an ounce after Fed Chair Powell signalled a possibly faster shift to tighter policy, with the Fed potentially discussing a faster taper at its next meeting. The move erased an earlier rally driven by Omicron concerns.

- Date: 2021-11-30 · published 2021-11-30T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/43957-gold-retreats-as-fed-s-powell-strikes-hawkish-tone
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Faster rate hikes raise the opportunity cost of holding gold and lift the dollar, weighing on precious metals and reflecting a broader risk-off tone in commodities.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-09-30 | [Dollar gains as Fed's Powell adopts hawkish tone on economy \| Reuters](https://feedsoft.ai/events/28504-dollar-gains-as-fed-s-powell-adopts-hawkish-tone-on-economy-reuters.md) | +0.9% | +3.1% |
| DXY | 2026-08-28 | [Australian Dollar retreats as Warsh’s hawkish tone lifts US Dollar](https://feedsoft.ai/events/18151-australian-dollar-retreats-as-warsh-s-hawkish-tone-lifts-us-dollar.md) | -0.2% | +1.7% |
| DXY | 2022-06-29 | [Euro dives, dollar rises after Fed's Powell reaffirms hawkish stance](https://feedsoft.ai/events/41144-euro-dives-dollar-rises-after-fed-s-powell-reaffirms-hawkish-stance.md) | +2.0% | +1.8% |
| DXY | 2022-11-03 | [Gold dips as hawkish U.S. Fed lifts dollar, yields](https://feedsoft.ai/events/38593-gold-dips-as-hawkish-u-s-fed-lifts-dollar-yields.md) | -1.0% | -4.2% |
| DXY | 2023-09-21 | [Gold retreats on Fed's higher-for-longer stance](https://feedsoft.ai/events/34007-gold-retreats-on-fed-s-higher-for-longer-stance.md) | +1.7% | +2.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/11/30/gold-markets-omicron-covid-variant.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.